Tax audit clause 44ab(d) or (e)
This query is : Resolved
07 February 2018
My proprietorship business turnover in FY 2016-17 is Rs. 90 lacs and profit is Rs 4.5 Lacs (5%). Is tax audit applicable? if yes please clear the clause under which it is applicable with reasons. Thanks in advance.
08 February 2018
1. 44AB( d) if for profession.
2. 44AB(e) is for business. This section applies in a case wherein section 44AD(4)
applies.
That is in FY 2015-16, if you have opted 44AD and not opted in FY 2016-17 ,then
44AD(4) applies ,meaning thereby tax audit is applicable per section 44AD(e).
2. 44AB(e) is for business. This section applies in a case wherein section 44AD(4)
applies.
That is in FY 2015-16, if you have opted 44AD and not opted in FY 2016-17 ,then
44AD(4) applies ,meaning thereby tax audit is applicable per section 44AD(e).
08 February 2018
Little confusions!
1. I believe that 44AD(4) will apply from FY 2016-17 onwards only. It will not matter if, i have filed ITR for FY 2015-16 under 44AD or not?
2. What will be the senerio if this is a new business in FY 2016-17?
Can you further clarify the above two issues.
1. I believe that 44AD(4) will apply from FY 2016-17 onwards only. It will not matter if, i have filed ITR for FY 2015-16 under 44AD or not?
2. What will be the senerio if this is a new business in FY 2016-17?
Can you further clarify the above two issues.
Nilesh Gami
(Expert)
20 June 2019
I need to give tax audit report u/s 44 ad e in the name of Proprietor or in the name of individual ? request urgent response pls.
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